Ergomed plc Commercialisation Deal on Haemostatix Products (8982R)
27 September 2017 - 4:00PM
UK Regulatory
TIDMERGO
RNS Number : 8982R
Ergomed plc
27 September 2017
PRESS RELEASE
Ergomed Signs First Commercialisation Deal for Haemostatix
Products
- Boryung Pharmaceutical Co.Ltd licenses PeproStat(TM) and
ReadyFlow(TM) for commercialisation in South Korea
- Ergomed to receive an upfront and future milestone payments as
well as double-digit share of product sales
- Deal driven by British innovation in the treatment of surgical
bleeding with multi-million dollar potential
London, UK / Seoul, Republic of Korea - 27 September 2017:
Ergomed plc (LSE: ERGO) ('Ergomed' or 'the Company'), a specialised
pharmaceutical services and drug development company, and Boryung
Pharmaceutical Co. Ltd (Korea Stock Exchange, KRX: 003850)
("Boryung"), a pharmaceutical business with R&D, manufacturing
and marketing capabilities, are pleased to announce an agreement to
commercialise Ergomed's haemostat products PeproStat(TM) and
ReadyFlow(TM) in South Korea.
Under the terms of the collaboration, Ergomed will receive an
upfront and a series of milestone payments as well as a
double-digit share of all future product sales in this territory.
Today's agreement is the first in a series of anticipated deals
that will support global sales of the products, which were obtained
through Ergomed's acquisition of Haemostatix in 2016.
Dr. Miroslav Reljanovic, Executive Vice Chairman of Ergomed,
said: "We are very pleased to sign our first commercialisation deal
on the Haemostatix products. This partnership underlines the broad,
global interest in novel, innovative haemostats, and endorses the
Haemostatix platform, confirming its potential to generate
significant future value to Ergomed and its shareholders. Korea is
a rapidly growing market for haemostats and Boryung is an ideal
partner with their marketing capability and experience with
innovative drugs."
PeproStat is an innovative haemostat for the control of bleeding
during surgical procedures. The product is based on a peptide that
binds to fibrinogen in blood to promote localized clotting in a
wound. Current therapies are based on the enzyme thrombin which
require multiple preparation steps and are manufactured from blood
donations with the related risks of infection and a complex supply
chain. In contrast PeproStat is synthetic, fast acting and
ready-to-use. PeproStat has completed recruitment in a Phase IIb
study in five European countries with data expected in Q4 2017, and
it is anticipated that the product will reach the market in 2020 in
Europe and 2021 in Korea. ReadyFlow is a flowable formulation that
is particularly suited to less accessible bleeds. The product is in
pre-clinical development. ReadyFlow was awarded first prize in the
UK's Royal Society of Chemistry Emerging Technology
Competition.
The global haemostat market is forecast to grow to $2.76billion
by 2020[i]. Ergomed estimates that PeproStat and ReadyFlow together
have peak sales potential of more than $500 million[ii].
Mr. Tae-Hong Choi, Chief Executive Officer of Boryung Pharm
said: "Boryung Pharm is one of the largest pharmaceutical companies
in South Korea with a leading position in the market. We look
forward to working with Ergomed and to making the potential value
of the Haemostatix platform available soon in South Korea." He
added, "PeproStat and ReadyFlow will offer surgeons a valuable new
tool as the products work quickly and effectively, do not require
preparation time, and can be used in a range of surgical settings.
We have the strong ambition of a rapid market penetration with
these innovative products, and are proud to strengthen our
competence in surgical procedures."
ENDS
Enquiries:
Ergomed plc Tel: +44 (0)
1483 503205
Miroslav Reljanovic (Executive
Vice Chairman)
Andrew Mackie (Chief Business
Officer)
Numis Securities Limited Tel: +44 (0)
20 7260 1000
Michael Meade / Freddie Barnfield
(Nominated Adviser)
James Black (Joint Broker)
N+1 Singer Tel: +44 (0)
20 7496 3000
Alex Price (Joint Broker)
Consilium Strategic Communications Tel: +44 (0)
- for UK enquiries 20 3709 5700
Chris Gardner / Mary-Jane ergomed@consilium-comms.com
Elliott
Ivar Milligan / Philippa Gardner
MC Services - for Continental Tel: +49 211
European enquiries 5292 5222
Anne Hennecke
About Ergomed
Ergomed provides specialist services to the pharmaceutical
industry and develops drugs both wholly-owned and through
partnerships. Ergomed's fast-growing, profitable service offering
spans all phases of clinical development and post-approval
pharmacovigilance and medical information. Drawing on more than 20
years of expertise in drug development, Ergomed is also building a
growing portfolio of drug development partnerships and programmes,
including wholly-owned proprietary products for the treatment of
surgical bleeding. For further information, visit:
http://ergomedplc.com.
About Boryung Pharmaceutical Co., Ltd.,
Boryung Pharmaceutical Co., Ltd is a leading pharmaceutical
company in Korea fully integrated from R&D through
manufacturing, marketing and sales with an established presence in
Korea. The company has focused on the development and
commercialization of new pharmaceutical products. Its main
therapeutic categories are oncology, cardiovascular, anti-infective
and respiratory system.
Additional information can be found at www.boryung.co.kr
[i] Hemostats Market by Product Type (Thrombin, Oxidised
Regenerated Cellulose, Combination, Gelatin, Collagen), and
Geography (Americas, Europe, APAC, MEA) - Global Forecast to 2020.
MarketsandMarkets, February 2016.
[ii] Company estimate
This information is provided by RNS
The company news service from the London Stock Exchange
END
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